Birchcrest is a 48-unit property built in 1967 and located across the street from Bellevue University. Birchcrest was a unique off market deal where Scott represented the Buyer. Scott found out this property could be purchased off market and brought it to the attention of a group that had just recently finished in second place for a similar sized multifamily asset just down that street that he was selling. The buyers were able to secure this property at below appraised value, with no competition due to the off-market nature of the sale. Results were that we closed on time, and for below appraised value. The Buyer immediately plans to start renovating unoccupied units, and upgrading the common areas to increase rents. The Buyers got a solid property with room to grow rents in a very stable market.
